Yesterday, the British pound showed a decent growth (0.22%) as the US dollar index strengthened by 0.15%. The price consolidated above the MACD line and it reached the target level of 1.2443. Now, the price needs to establish itself above the mark, and then it could possibly reach 1.2583. However, it may not reach this target level, as there are several strong intermediate levels (1.2524 and others) along the way.
Perhaps the exchange rate will stay in the 1.2443 mark (investors will optimistically perceive US President Biden’s signing of the bill lifting the debt ceiling for 2 years). In that case, after the price consolidates below the MACD line (below 1.2400), the price will confidently continue to decline, with the first target being the level of 1.2273 (high of February 14th).
On the four-hour chart, the price sharply rose after yesterday’s false breakout below the indicator lines. But now, the signal line of the Marlin oscillator shows an intention to turn downwards. Now the price should decide where to meet the news regarding the US debt ceiling. According to the latest information, the bill will be signed over the weekend, so speculators will have another day to prepare. We await further developments.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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